I have noted that the BBC has been publishing an austerity agenda view of government debt on its website.
Then I noted that Andy Verity, the BBC economics correspondent who understands MMT (and therefore does not appear to get on air very much) had been tweeting, as if in response to the BBC's own article.
I first picked this up from this tweet:
To put him in context, Harrison was Osborne;'s chief of staff from 2006 to 2105, including most of the years he was Chancellor. He is not the most astute or objective observer as a result.
The rest of Andy Verity's thread is worth sharing:
Well said, Andy Verity.
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What a great commentary from Mr Verity. His key point “it’s not the public finances that constrain us as much as a lack of imagination and political vision” should be broadcast much more widely.
(Though of course it is a familiar idea to readers of this blog).
Isn’t a damning indictment on the current state of government policy, and the people’s willingness to let it go unchallenged, that a man stating the blatantly obvious is an outlier in terms of his commentary on politics and economics.
Thanks to you Richard, and a few others, I’ve observed events then applied my limited critical thing abilities and realised just how wrong government thinking (spin?) actually is.
Are they stupid or do they just think we are. Generally speaking I’m rather afraid it turns out we (the general public) are…
As a Scot I believe that my government is too scared to say out loud that we can, if we choose to, survive thrive and work towards a wellbeing economy which would benefit business and everyone in Scotland. But only with independence, our own central bank and currency.
You are right
I think Rupert will find that it is Osborne, Hammond, Sunak and their one-eyed economic minions who have been tested to destruction; with the unfortunate effect that the whole economy has now fallen through the floor. We know that, because we are living through inflation, high interest rates, zero growth, falling living standards and an investment and productivity failure; all thanks to neoliberalism and Conservative government. Thanks Rupert, for precisely nothing; least of all self awareness.
Having seen this on the bbc website today, I wish he could have a say in what is published on the site…
‘BBC News – How much money is the UK government borrowing, and does it matter?’
https://www.bbc.co.uk/news/business-50504151
See my blog published before this one and linked from it
Thanks – I had only seen the most recent blog post on my phone having just read the article and got really annoyed! Your previous post will be a most useful reference for me in the future.
Thanks
Andy for PM.
Wish to God some of our politicians were saying this.
I almost logged back into twitter for that one my blood was boiling so much. Thankfully, Apart from one or two other ideologically compromised economists he gets very short shrift from respondents (including Verity himself) – so much so I see he is left desperately flapping that Osborne somehow “broadly met his targets over the period!” in total contradiction to historical record. Absolutely discrediting himself all in one go.
Just as Osborne didn’t eliminate the deficit, reduce the national debt, produce surpluses, create growth, fix the productivity problem or achieve anything; except trash the whole economy, undermine living standards, wreck the infrastructure through austerity, and prepare the ground for the long-term catastrophe that is Brexit.
He hits the bail on the head with this comment ;
“As long as we labour under the delusion that financial choices are the same for a government as they are for households or firms, who don’t have a bank or a money printing machine in their front room whenever they need to spend, we’ll
be having the wrong conversations.”
He has been articulating an MMT narrative for some time however my sense is that he treads carefully on air for example on Today as most likely there is editorial control in place. I have written to the Today programme telling them that the other “economic commentators “ should take time out to understand what he is saying.
Replied to Verity suggesting he presents a programme
https://twitter.com/JeremyAndrew11/status/1650927285225107456
Good one
This should see Andy Verity losing even more airtime on the BBC. How dare he utter such truths!
Thanks for your article.
Bank of England economist says people need to accept they are poorer
https://www.bbc.co.uk/news/business-65308769
This is horrific, and it’s a sure sign you are about to see more money printing than you ever seen in your life before. It is all they have because interest rates help banks make a better return, but they can not control the outside world. Biden wan’t to print 7 trillion by January 2025 he has been given a preliminary go for 1.5 trillion off the printing press until December 2023 from June where the devt ceiling decision happens.
Print money to the moon all you like, money that worthless will be a reflection of the institutions that would do something like this not the people in the juristiction for which it’s supposed to be their to serve.
See my post this morning
Verity often talks total sense on economic matters, but doesn’t get much airtime beyond the early morning slots on R4 and 5Live. I wonder if it’s because he doesn’t have the required Received Pronunciation voice? Whatever the reason, its a shame because the public deserves more enlightened and educated reporting.
No it isn’t. I give you Andrew Neil. A Scot’s accent never held anyone back, unless they had a chip on their lip. Reith wrote the book on broadcast RP; but didn’t exclude himself. Ironies abound.
Incredible but I’m so pleased there’s at least one!!
I will refrain from ranting about the Broadcasting Bias Conservativism.
Andy Verity needs to get as much supportive feedback as possible to let him know that he is not alone.
Be interesting to have a list of who amongst the economists have ‘got it’